The cheapest of these plans costs as little as £512 or £21.33 per month. For this particular one, as it is the case for mortgages, you will have to pay a hefty sum upfront (£260) and then £10.50 per month.

Included in there are 50 minutes per month, unlimited texts and 250MB data which is useful only to the lightest of users. However, think of it of an easy way of acquiring a top of the range handset without having to fork out the entire outlay in one go.

Other plans include one costing £15.50 per month with an upfront fee of £160 which provides with 50 minutes, 250 texts and 1GB of data while O2 sells the phone for £18.50 per month with an upfront fee of £80 with 100 minutes, 500 texts and 100MB data.

The Xperia Z is surprisingly cheap (from £460 on PAYG at Three) given that it offers a significantly better hardware (quad-core SoC, 2GB of RAM, full HD display, 13-megapixel camera) compared to the rest of the competition.